Last week we took a look at the winding up process when companies go into liquidation, either as a voluntary measure or as something that is forced by creditors using a winding up petition in a bid to recover money owed to them and still not paid. Today we’re going to take a look at the reasons that a winding up petition is bad for your business and why it should be avoided if necessary.
Here at Access Credit Management, we can’t stress enough how important it is to attend industry events and conference. It’s a great way of keeping up to speed with all the latest news in the debt collection and management sector and anybody who takes their job or their company seriously will jump at the chance to attend all the important industry events as a method of showing that they are dedicated to providing their clients with the expertise and experience necessary to offer the very best service available. One of the most important industry events to take p
Following the recent referendum on whether or not the UK should remain in the EU and the resulting shock of a Brexit vote, financial experts are warning that an increase in company insolvencies is inevitable. The main reason for this is that consumers are likely to become more cautious leading to a fall in their discretionary spending. Businesses that rely on this type of discretionary spending (mostly companies in the travel, house building and retail sectors) may find themselves in financial difficulties as a result of this and we’re likely to see a sharp ris
When it comes to businesses, the term “winding up” is used when a creditor begins the process of a compulsory liquidation in order to recover a debt owed by the business. Sometimes the business owner or director begins the process of winding up the company in order to stay in control as the company goes through the liquidation process. Today we’re going to take a look at the winding up process.
Voluntary Liquidation
We’ve stressed in the past just how important a steady cash flow is for any business, but particularly for small to medium enterprises (SMEs) that may not enjoy the comfort of a large capital sum to tide them over when times get rough. One of the best methods of maintaining a steady cash flow is to encourage your commercial customers to pay regularly and on time. However, this is not always possible if you’re a small business owner you may find that your company is owed money by customers or clients who are not paying promptly, despite reminders sent by email o
Basically, a Debt Management Plan (DMP) is an informal agreement between a debtor and his/her creditor(s) for paying back non-priority debts, often at a reduced, and therefore more affordable, rate. The debt is paid back by one set monthly payment which is then divided between any creditors. The DMP can often be managed by a DMP provider who will deal with the creditors on behalf of the debtor.
The team at Access Credit Management is committed to keeping up to date with what’s going on the international debt collection industry so that we can provide our readers with interesting and relevant news about the sector. As such, once a month we publish a News Roundup to help keep you up to speed with all the important happenings in the industry and provide you with a valuable resource that that you can use to stay fully informed of all the latest news. It would be interesting to know what you, the readers, think of the stories that feature here.
In the wake of the Brexit vote that stunned Europe recently, the financial services industry is bracing itself for some short term economic and market volatility in reaction to the vote. The Brexit vote has resulted in a series of political upheavals here in the UK and these are likely to continue for quite some time with the summer recess due before the election of a new Conservative party leader (which is necessary as David Cameron announced his resignation on the morning that the Brexit result was confirmed).
ACM, established in March 2000, continues to be rated as a credit worthy business by leading providers of commercial credit information and is a member of the International Association of Credit and Collection Professionals.
